本文關(guān)鍵詞：上市公司大股東減持效應(yīng)研究——來自A股的經(jīng)驗證據(jù)　出處：《浙江金融》2014年01期 　論文類型：期刊論文

  更多相關(guān)文章： 上市公司 第一大股東 減持

【摘要】：自20世紀80年代以來,大股東的交易行為研究越來越得到學者的重視。2006年以來的大小非解禁和減持為我們研究中國資本市場大股東行為的變遷及后果提供了難得的契機,第一大股東的減持是近年來大股東減持的顯著特征,控股股東更傾向于不轉(zhuǎn)讓控制權(quán)而通過逐漸降低持股比例獲得私利,這是我國上市公司股權(quán)結(jié)構(gòu)的獨特制度背景造成的,因此,本文將對大小非解禁后大股東通過減持是否可以獲利,獲利水平如何,不同性質(zhì)的股東在減持收益方面是否存在顯著差異等問題進行研究,最終得出相關(guān)經(jīng)驗證據(jù)和建議。
[Abstract]:Since 1980s. The research on the transaction behavior of large shareholders has been paid more and more attention by scholars. Since 2006, the non-lifting and reduction of large or small shareholders has provided us with a rare opportunity to study the changes and consequences of the behavior of large shareholders in China's capital market. The reduction of the first largest shareholder is a significant feature of the reduction of large shareholders in recent years, the controlling shareholder is more inclined not to transfer control rights, but to gradually reduce the proportion of shares to obtain private benefits. This is caused by the unique institutional background of the stock ownership structure of listed companies in China. Therefore, this paper will focus on whether large and small shareholders can make profits by reducing their holdings and how to make profits. This paper studies whether there are significant differences between different shareholders in the aspect of profit reduction, and finally obtains relevant empirical evidence and suggestions.
【作者單位】： 中國人民銀行杭州中心支行;
【分類號】：F832.51;F271;F224
【正文快照】： 2005年股權(quán)分置改革后,我國證券市場不再存在流通股股東和非流通股股東的劃分,取而代之的是新的股東類別差異。這一變革直接促使全流通時代股東行為發(fā)生了變化,控股股東追求自身利益最大化的行為模式也隨之改變,從股權(quán)分置改革前的單一從公司內(nèi)部轉(zhuǎn)移收益,發(fā)展為在外部市場獲

【參考文獻】

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1 賈明;張U，

本文編號：1421026